EU Flash: EU Digital Summit and Single Resolution Board conference

06/10/2017

Op 29 september 2017 organiseerde het Estlands voorzitterschap van de Raad van de Europese Unie in samenwerking met de voorzitter van de Europese Raad en de Europese Commissie, de eerste digitale top van de Europese Unie in Tallinn. Op dezelfde dag organiseerde de Gemeenschappelijke Afwikkelingsraad (GAR) zijn tweede conferentie in Brussel met als thema “Building resolvability together”.

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Digital summit in Tallinn

On 29 September 2017, the Estonian Presidency of the Council of the European Union, in cooperation with the President of the European Council and the European Commission, organized the first ever Digital Summit of the European Union in Tallinn to bring together EU heads of state or government and discuss the opportunities, as well as the risks posed by the digital revolution.

A number of key issues were discussed:

Digitalisation and the Future of Government

In order to improve public services for citizens and businesses, contain costs and promote innovation, government and the public sector should be brought fully into the digital age.

Europe should be a global leader in cybersecurity by 2025, in order to ensure trust, confidence and protection of our citizens, consumers and enterprises online.

Digitalisation and the Future of Economy and Society

The EU should make the most of the free movement of data and become the ideal home for enterprises and innovators. Completing the digital single market by 2018 and making EU and national laws fit for the digital age should also be put on the EU agenda.

The EU should promote digital skills in all Europeans, at all ages and levels of education.

The EU also needs to invest in the growth of the digital economy by concentrating its R&D and investment efforts to stimulate and assist the digital transformation of industries, as well as by establishing a roadmap to achieve a world-leading optical fibre and 5G network in the EU by 2025.

Single Resolution Board “Building resolvability together”

The Single Resolution Board (SRB) held its second conference in Brussels on 29 September 2017 under the theme “Building resolvability together”. The Single Resolution Board, together with the National Resolution Authorities of the Banking Union, focuses on resolution planning and preparation with a forward-looking mindset to avoid the potential negative impact of a bank failure on the economy and on financial stability.

The Single Resolution Mechanism was created as the second pillar of the Banking Union in the midst of crisis with ambitious aims:

  • reducing the bank-sovereign feedback loop;

  • protecting financial stability; and

  • making sure that taxpayers are not first in line to foot the bill for the banking sector's mistakes.

The conference also featured panel discussions with the industry, regulators and supervisors focused on the Banking Union, the future of resolution and international challenges to overcome.

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